Another email sent to me asked me about if there is any foreign bank in Shanghai. Well. There are. To be more exact, there are more than 100 foreign bank branches in Shanghai by the end of 2007, and there are about another 100 representative office in Shanghai.
Here is an incomplete list of the most popular foreign banks in Shanghai, with their location and phone number. Thanks for shme
to provide a great summary of the information.
The information below is given in the following format:
Name of the bank branch
Telephone (area code is +86-21)
The Hongkong & Shanghai Banking Corporation, Shanghai Branch
F/5, 185 Yuanminyuan Road Shanghai Center
Standard Chartered Bank, Shanghai Branch
F/7, 1376 Nanjin Road (W) Shanghai Center
Overseas-Chinese Banking Co. Ltd., Shanghai Branch
120 Jiujiang Road
The Bank of East Asia, Shanghai Branch
229 Sicuan Road
63216863 63210434 63297338
The Sanwa Bank, Shanghai Branch
205 Maomin Road (S) Room 1501, Ruijin Building
he Industrial Bank of Japan, Shanghai Branch
2200 Yanan (W) Room 1601, International Trade Center
Citibank N.A., Shanghai Branch
F/5 100 Yanan Road (E), Union Mansion
Bank of American Shanghai Branch
F/1 100 Yanan Road (E), Union Mansion
Banque Indosuez, Shanghai Branch
F/5 100 Yanan Road (E), Union Mansion
Credit lyonnais, Shanghai Branch
F/8 1376 Nanjin Road (W) Shanghai Center
The Bank of Tokyo, Shanghai Branch
F/12 205 Maomin Road (S), Ruijin Building
The Dai-Ichi Kangyo Bank, Shanghai Branch
F/11 205 Maomin Road (S), Ruijin Building
Sakura Bank, Shanghai Branch
F/5 205 Maomin Road (S), Ruijin Building
The International Bank of Paris and Shanghai
93 Guangdong Road
Royal Bank of Canada, Shanghai Branch
Room 403, 100 Yanan Road (E)
The Mitsubishi Bank, Shanghai Branch
F/21 205 Maomin Road (S), Ruijin Building
Abn, Amro Bank, Shanghai Branch
Room 1803, Union Maosion
Dresdner Bank, Shanghai Branch
2099 Yanan Road (W)
Po Sang Bank, Shanghai Branch
F/1, 260 Yanan Road (E)
Bangkok Bank, Shanghai Branch
Room 5013–5015, Huating Seralton Hotel
Anz, Shanghai Branch
201/A West, Hotel Equatorial Shanghai
The Daiwa Bank, Shanghai Branch
Room 1903, International Trade Center
Chia Tai International Finance Co. Ltd.
F/26 2200 Yanan Road (W), International Trade Center
Shanghai Associated Finance Co. Ltd.
F/7 65 Yanan Road (W), Hotel Equatorial Shanghai
Shanghai International Finance Co. Ltd.
1376 Nanjin Road (W) Room 420, Shanghai Center
American International Assurance company, Shanghai Branch
F/5 1376 Nanjin Rood (W), Shanghai Center
Commerz, Shanghai Branch
F/7, Zhonghui Building, 16 Henan Road (S)
More about Foreign Banks
Although most of the local banks also provide services to foreigners, and can provide most of the types of financial services, many foreigners still prefer to use the banks they trust or get used to. Among them, let me share my personal experience.
I am a customer of CITI Bank. They are pretty good with more branches than any other banks (at least by what I know). I use their Xujiahui branch, and the Lujiazui branch often. Their service is pretty good, so far.
Bank of America
I am a customer of Bank of America in the States. When I went to their branch is in Shanghai, they said the account in the States and in China are separate, and the only way I can access my US account is to go to the States. What a surprise to me, but it is understandable. Do pay attention to the same kind of problems if you want to do the same.
Actually this is quite weak, if not even outrageous! It’s pretty much the opposite of what I consider great service.
18 months ago, I was looking for a way to withdraw RMB in China from my German EUR account for as little fees as possible. Among various tricky options, one would have been to open a Citibank account in Germany, from which I would have been able to withdraw RMB in China for free! Considering that both are large banks from the US, I would say: Clear victory for Citi!
Both Citi and Boa have the same policy with respect to US and China accounts, which is limited by both Chinese and US banking law. A foreign account-holder can use his or her ATM card to withdraw money without an ATM fee, but cannot otherwise access the accounts–no deposits. I believe the blog recently discussed the restrictions on currency exchange from a China perspective. Generally, there are no US restrictions, only reporting requirements for movements of large currency amounts.
Well, cash withdrawal is arguably one way of “accessing” an account. I am unsure what JS meant when he wrote, the only way he could access his US account was to go to the States. I was just surprised and wanted to point out that not being able to offer cross-border withdrawal free of charge is not accessible nowadays. If BoA at least offers this single option of access, they are on par with the rest; otherwise they would be sub-standard.
Well, I am pretty sure JS meant some kind of more significant “access” than just withdrawing money using an ATM card. It’s not BOA’s fault, the yuan is not freely convertible and there are a lot of restrictions on moving funds into and out of China. It is a big pain for those of us who are foreign nationals living here. On the other hand, China has been largely insulated from the big financial crises of the last few decades (including the current one, so far) so there is a reason for it.
You can check your BOA balance in RMB and withdraw RMB cash free of charge in ATMs at the China Construction Bank, of which BOA has 10% share. I have tried it and worked well.
I plan to move to China in Feb. I can work from anywhere as long as I have my laptop. I will still be employed from the same company and can still work from China. I don’t want checks mailed to me. Could I open an account in china at citi or boa and still have direct deposit into those accounts. Does anyone know if this is possible?
@James, as far as I know, the bank account you create in CitiBank or Bank of America are seperate from your accounts in US. Your accounts here are subject to all the limitions in China. For example, I was not able to check balance of my Bank of America bank card in US in Shanghai. I hope this has been changed. Better to check with your bank first.
does anyone here have an idea whether is possible to have a internship in thsi foreign banks in shanghai. am currently in shanghai and am magering in economics and politics. therefore, please do responde to my demand . thanks.
does anyone know if I can pay my BOA mastercard balance here in China?
I AM AN ESTATE AGENT IN EUROPE AND FROM TIME TO TIME I SEE CLIENTS FROM CHINA. THEIR ONLY CONCERN IS HOW THEY CAN TRANSFER THEIR MONEY FROM CHINA TO EUROPE AND ACQUIRE A PROPERTY. IS THIS POSSIBLE AND WHICH ARE THE PROCEDURES?